5ireChain, one of the leading sustainable blockchains in the world, has just added another feather to its cap, collaborating with Carbon Cell, an identity-based public blockchain that enables the tokenization of climate assets such as carbon offsets, carbon credits, and water credits, among others, to build on-chain carbon markets that will enable the transparent exchange of carbon credits.
In the constantly evolving landscape of blockchain, 5ireChain made significant strides in strengthening its ecosystem through numerous strategic partnerships to drive adoption and bridge the gap between blockchain technology and various other industries.
Since its inception, 5ire has put in sizeable efforts to build a scalable, decentralized, and sustainable open-source blockchain with smart contracts along with environmental, social, and governance (ESG) compliant service.
5ireChain Treads Towards Sustainability
On September 10, 5ire, considered as one of the fastest growing layer 1 blockchain ecosystems designed with economic and environmental sustainability, announced the new partnership with Carbon Cell, a digital exchange for carbon markets allowing a transparent and trustless exchange of assets such as carbon credits.
Investors and nations across the globe are moving towards #sustainable finance in order to shift towards a low-carbon economy.
Therefore, @carbon_cell and 5ire are collaborating to build on-chain carbon markets that will enable transparent exchange of carbon credits and RECs. 🌍 pic.twitter.com/zwcEPZsytE
— 5ireChain (@5ireChain) September 10, 2023
Carbon credits are a way for companies and individuals to offset their greenhouse gas emissions by investing in projects that reduce or remove carbon from the atmosphere. These credits can be bought and sold on carbon markets, allowing companies and individuals to offset their emissions by purchasing credits from projects that reduce emissions.
Tokenized carbon credits take this concept one step further by digitizing carbon credits and using blockchain technology to facilitate their buying and selling.
According to the announcement, the collaboration will bring carbon markets across Asia and the Middle East on the blockchain, enabling investors to trade assets such as carbon credits, plastic credits, Renewable Energy Certificate (REC), and green bonds, among many others, with instant settlement. This will be done in an automated environment with in-built products such as spot exchange, marketplace as well and integrated APIs.
How will the partnership help 5ire Community?
5ire explained the new partnership will benefit the community in several ways including bridging more real-world assets on-chain, decentralized autonomous organizations (DAO), investors, and on-and-chain funds can invest in these assets with idle liquidity.
We will work together to #bridge these assets on-chain for free trade across the globe.
How this will help the 5ire community⤵️
1. Bridging of more Real World assets on-chain.
2. #DAOs, investors, and on-chain funds can invest in these assets with idle liquidity.— 5ireChain (@5ireChain) September 10, 2023
Additionally, projects can offset their carbon footprint as well as bring environmental, social, and governance (ESG) compliant service on the 5ireChain network and enable investors and nations across the globe to move towards more efficient and sustainable finance to shift towards a low-carbon economy.
In the face of mounting urgency to address climate change, the quest for innovative solutions to foster sustainable growth and resilience is more critical than ever. With a firm commitment to mitigate such issues, 5ireChain has been forging several partnerships since the beginning of this year.
Recently, the layer 1 blockchain project revealed it partnered with LumiShare, wowTalkies, and The Amaze World to bolster 5ireChain’s commitment to emphasizing sustainability and fostering economic growth.
Blockchain Firms Work towards Improving Carbon Credits Market
Many blockchain-based firms are beginning to explore the idea of preserving the environment. Companies, including Toucan, Return, Topl, and Open Forest Protocol, are now aiming to improve the transparency and reliability of carbon credits by coupling climate initiatives with blockchain technology.
Salmeron Barnes, co-founder and managing director at Aureus Earth, which is developing financial tools to encourage reduced carbon emissions in the construction and real-estate industries, turned to blockchain technology to boost its data-collection process, explained,
“The decentralized verification capability, and the promise of new low-emissions blockchain offerings, is what attracted Aureus Earth to create a blockchain-based registry.”
